AT&T won approval Tuesday of its $85 billion bid for Time Warner, a decision that could pave the way for more mega-deals in the media industry.
A U.S. judge ruled the Justice Department did not sufficiently show that a tie-up would stifle competition or harm consumers. He also tried to dissuade the government from appealing his decision.
The merger of the two companies, announced in October 2016, was closely watched by other media and telecom companies with ambitions to cross over.
Internet providers and cable distributors are looking for new revenue sources to compete with streaming content companies such as Netflix and Amazon.
But the government has been skeptical of the consolidation of content and delivery. The Justice Department sued to block AT&T's deal last November, citing concerns over the telecom company owning both DirecTV and Time Warner.
Tuesday's ruling in favor of AT&T could preclude similar arguments to block mergers down the road.
The cable TV giant Comcast said earlier this week it would submit an all-cash bid as early as Wednesday to buy assets from 21st Century Fox if the AT&T acquisition was approved.
Comcast's bid for Fox could upend Disney's offer, and send that company looking for another target.
Shares of Comcast, Disney, and AT&T were all down after the judge's ruling. Fox and Time Warner stock were rising.
An AT&T spokesman said the company is "gratified" by the decision. The deal is expected to close by June 20.
Tyson Foods is recalling about 30,000 of its dino-shaped chicken nuggets after some consumers reported finding small metal pieces in those nuggets.
Google on Monday will try to protect a lucrative piece of its internet empire at the same time it’s still entangled in the biggest U.S. antitrust trial in a quarter century.
Before the SAG-AFTRA strike, this was the weekend “Dune: Part Two” was supposed to open. When Warner Bros. and Legendary pushed that opening back to March 2024 and no other blockbuster stepped in to take its spot.
A growing number of Californians are planting agave to be harvested forz use in spirits. The trend is fueled by the need to find hardy crops that don’t need much water and a booming appetite for premium alcoholic beverages.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
Wallet Hub released a list of the 10 states with the highest median monthly student loan payments.
Oil and gas giant BP will purchase electric vehicle chargers from Tesla for $100 million.
Reports say olive oil prices have jumped 75% since January of 2021.
